If your investing in tax liens you are probably more sophisticated than I am, but I have a real estate attorney that I go to with all my questions.  

Plus your dealing with sophisticated accredited investor generally...

I think you'd probably be better off after living in the area for a month or 2, because my perception changed, and learning the area and talking to some local agents or investors changed what I thought about Phoenix before I got here; in a progressive way of understanding, not necessarily good or bad.  

And there's no right or wrong place to draw this line...it's up to each person's personal risk perception.

although we know markets are tightening but a lot of that is purly perception.. its tight because the deals are not as juicy as 2009 to 2010 but they are still good.

Taking over payments sounds simple enough, but it is a sophisticated strategy - not one someone can explain to you in a blog or a forum post.  

Any sophisticated investor/partner is going to insist on knowing where their money is going, how much they need to invest when and where.

If it's on Loopnet, it's probably been passed over by many more sophisticated investors.    

'Sophisticated' isn't always the best way to go.

@Eric Armstrong  I think it would be a hard sell to most folks as they are not sophisticated enough to understand the various documents you may need to secure yourself.depending on the state you could simply do the work and put a mechanics lien on the property..